Fort Walton Beach — Annual Comprehensive Financial Report, September 30, 2022 — reading text

20,337 Special assessment revenue in the governmental funds is recognized when due; however, the revenue was recognized in the statement of activities when it was earned (when levied). Payments received from special assessments (25,421) Special assessment for interest and penalties 1,697 Payments received on receivable related to the sale of capital assets (53,981) (77,705) The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of issuance costs, premiums, discounts and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. In addition, long- term debt reassignments are reported as transfers on the statement of activities. Proceeds from issuance of long-term debt and leases (31,944) Principal payments on long-term debt and leases 1,871,562 Change in accrued interest on long-term debt 8,086 1,847,704 Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Change in net pension liability and related deferred inflows and deferred outflows of resources 1,403,205 Change in other post-employment benefits liability and related deferred inflows and deferred outflows of resources (224,755) Change in long-term compensated absences (25,578) 1,152,872 Change in net position of governmental activities (page 16) $ 3,794,576 See notes to the financial statements. 20  CITY OF FORT WALTON BEACH, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2022 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Taxes $ 12,300,115 $ 12,300,115 $ 12,960,384 $ 660,269 Permits and fees 3,218,510 3,219,306 3,586,485 367,179 Intergovernmental 5,173,114 5,570,478 7,566,030 1,995,552 Charges for services 3,521,238 3,521,238 3,628,960 107,722 Fines 68,027 68,027 113,103 45,076 Investment losses, net - - (1,052,150) (1,052,150) Miscellaneous 727,501 800,785 821,832 21,047 Total revenues 25,008,505 25,479,949 27,624,644 2,144,695 EXPENDITURES Current General governmental services 4,639,493 4,646,198 3,737,220 908,978 Public safety 13,122,907 13,177,097 13,243,319 (66,222) Physical environment 407,714 407,714 473,036 (65,322) Transportation 979,311 979,311 890,333 88,978 Culture and recreation 5,332,811 5,394,926 4,880,270 514,656 Capital outlay 3,408,674 5,360,066 3,717,841 1,642,225 Debt service - - 212,563 (212,563) Total expenditures 27,890,910 29,965,312 27,154,582 2,810,730 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (2,882,405) (4,485,363) 470,062 4,955,425 OTHER FINANCING SOURCES (USES) Issuance of long-term debt and leases - 1,400,187 31,944 (1,368,243) Transfers in 1,390,583 1,390,583 1,797,083 406,500 Transfers out (1,720,514) (1,720,514) (2,420,320) (699,806) Total other financing sources (uses) (329,931) 1,070,256 (591,293) (1,661,549) NET CHANGE IN FUND BALANCE (3,212,336) (3,415,107) (121,231) 3,293,876 FUND BALANCE AT BEGINNING OF YEAR 3,212,336 3,415,107 27,375,609 23,960,502 FUND BALANCE AT END OF YEAR $ - $ - $ 27,254,378 $ 27,254,378 See notes to the financial statements. 21  CITY OF FORT WALTON BEACH, FLORIDA COMMUNITY REDEVELOPMENT AGENCY STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2022 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Taxes $ 1,417,976 $ 1,417,976 $ 1,417,976 $ - Permits and fees - - 24,953 24,953 Intergovernmental 1,019,267 1,019,267 997,986 (21,281) Investment losses, net - - (129,219) (129,219) Miscellaneous - - 73,873 73,873 Total revenues 2,437,243 2,437,243 2,385,569 (51,674) EXPENDITURES Current Public safety 467,900 467,900 392,295 75,605 Economic environment 2,726,197 2,726,197 814,348 1,911,849 Capital outlay 321,260 321,260 78,122 243,138 Total expenditures 3,515,357 3,515,357 1,284,765 2,230,592 NET CHANGE IN FUND BALANCE (1,078,114) (1,078,114) 1,100,804 2,178,918 FUND BALANCE AT BEGINNING OF YEAR 1,964,670 1,964,670 4,133,412 2,168,742 FUND BALANCE AT END OF YEAR $ 886,556 $ 886,556 $ 5,234,216 $ 4,347,660 See notes to the financial statements. 22  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF NET POSITION SEPTEMBER 30, 2022 Sanitation Stormwater Utilities Fund Fund Fund Total ASSETS Current assets Cash and cash equivalents $ 595,139 $ 79,388 $ 430,584 $ 1,105,111 Restricted assets – cash and cash equivalents 975,813 880 - 976,693 Investments 12,136,859 2,441,635 791,593 15,370,087 Receivables, net 973,590 349,635 76,343 1,399,568 Advance to other funds - 53,502 - 53,502 Due from other governments - - 15,018 15,018 Inventory – at cost 23,070 - - 23,070 Prepaid assets - - 4,534 4,534 Total current assets 14,704,471 2,925,040 1,318,072 18,947,583 Other assets Advance to other funds - 54,574 - 54,574 Other receivables, net 3,875 - - 3,875 Lease obligation receivable 84,247 - - 84,247 Net pension asset 1,254,820 675,762 214,962 2,145,544 Total other assets 1,342,942 730,336 214,962 2,288,240 Capital assets, net Non-depreciable/amortizable 727,632 - 43,901 771,533 Depreciable/amortizable, net 24,608,055 1,440,749 3,352,057 29,400,861 Total capital assets 25,335,687 1,440,749 3,395,958 30,172,394 Total non-current assets 26,678,629 2,171,085 3,610,920 32,460,634 TOTAL ASSETS 41,383,100 5,096,125 4,928,992 51,408,217 DEFERRED OUTFLOWS OF RESOURCES 381,752 198,120 72,989 652,861 See notes to the financial statements. 23  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF NET POSITION – CONTINUED SEPTEMBER 30, 2022 Sanitation Stormwater Utilities Fund Fund Fund Total LIABILITIES Current liabilities Accounts payable $ 423,243 $ 155,540 $ 24,996 $ 603,779 Accrued liabilities